/raid1/www/Hosts/bankrupt/TCRAP_Public/040304.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                  A S I A   P A C I F I C

           Thursday March 4, 2004, Vol. 7, No. 45

                      Headlines


A U S T R A L I A

AMP LIMITED: 2003 Net Loss Balloons to $5B
BONLAC FOODS: S&P Says Weak H1 Results Have No Impact on Ratings
PAN PHARMACEUTICALS: Liquidator Rejects $17M Claim
PARMALAT AUSTRALIA: Rejects Unfounded Media Reporting


C H I N A  &  H O N G K O N G

CITIWISE LIMITED: Cheung Chun Lodges Winding up Petition
MIRACLE HEALTH: Winding up Hearing Slated April 7
PUMPCRETE ENGINEERING: Winding Up Hearing Set March 17
WING SHING: Faces Winding up Petition Before H.K. High Court


J A P A N

MOVIE AND VIDEO: Files for Court Protection
NEC CORPORATION: U.S. Unit Files for Bankruptcy
SAGA KOGYO: Building Material Manufacturer Enters Bankruptcy
SOFTBANK CORPORATION: Gets US$1.14B Funds Through U.S. Unit


K O R E A

KOOKMIN BANK: Appoints New Senior Executive Vice President
KOREA EXCHANGE: S&P Raises Rating to BB+
LG CARD: Creditors May Extend Debt Schedule


M A L A Y S I A

AOKAM PERDANA: FIC OKs Revised Scheme
GEAHIN ENGINEERING: Issues Restructuring Scheme Update
JUTAJAYA HOLDING: KLSE to Delist Securities March 16
LONG HUAT: Releases Restructuring Scheme Update
MALAYSIAN INDUSTRIAL: Appoints Ernst & Young as Liquidators

SOUTHERN PLASTIC: Releases Default Status Update
SOUTHERN PLASTIC: Seeking White Knights
UNITED CHEMICAL: MITI OKs Restructuring Proposal
WING TIEK: Seeks Restructuring Extension Approval
WING TIEK: Unveils February 28 AGM Results

YCS CORPORATION: Aims to Regularize Financial Condition


P H I L I P P I N E S

PHILIPPINE LONG: PSE To List Additional Common Shares
PILIPINO TELEPHONE: 2003 Net Loss Shrinks to PhP3.35B     


S I N G A P O R E

DIGILAND INTERNATIONAL: Widens 1H03 Net Loss to S$4.07M
ECON INTERNATIONAL: Post Changes in Shareholder's Interest
HYUNDAI SINGAPORE: Creditors Must Submit Claims by March 29
NORAL (ASIA): Creditors Final Meeting Set March 29
STRIKE ENGINEERING: 1H03 Net Loss Narrows to S$1.34

TUAN SING: 2003 Net Loss Narrows to S$26.66M


T H A I L A N D

BANGCHAK PETROLEUM: Y2003 Net Loss Reaches THB1.27B
BANGKOK BANK: Aims to Redeem Hybrid Securities
THAI PETROCHEMICAL: Widens 2003 Net Profit to THB2.55B  
TONGKAH HARBOUR: Releases Progress Report    

     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================


AMP LIMITED: 2003 Net Loss Balloons to $5B
------------------------------------------
AMP Limited hands down what is expected to be Australia's second
biggest corporate net loss on Thursday, according to the Age.
The insurance and financial services company's bottom line is
forecast to be more than $5.0 billion in the red for calendar
2003, after booking a net loss of $896 million in 2002.

Massive write-downs and costs associated with its much-
publicized demerger from its UK operations in December 2003 are
the cause of AMP's net loss. AMP Limited spun off HHG PLC, its
former life insurance and funds management operations in the
United Kingdom, as it re-focuses on its traditional markets of
Australia and New Zealand.

And the strategy seems to be working with the company last week
announcing a $100 million upgrade to its earnings guidance. The
company said its underlying 2003 net profit would be somewhere
between $600-$620 million, above its previous indication of
$402-$535 million.

However, the write-downs associated with its demerger of HHG PLC
will leave AMP Limited with a net loss of more than $5.0
billion.


BONLAC FOODS: S&P Says Weak H1 Results Have No Impact on Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services said on Wednesday that Bonlac
Foods Ltd.'s (Bonlac; B+/Stable/-) results for the six months to
December 31, 2003, were weak, but would have no immediate impact
on the rating or outlook on the company. Bonlac reported an
operating loss of A$28.2 million for the six months to December
31, 2003.

The operating loss principally reflected significant items,
including A$30.0 million restructuring costs, which more than
offset the A$11.9 million profit on sale of assets. Bonlac's
results were also adversely impacted by the appreciation of the
Australian dollar against the U.S. dollar, and a 9% drop in milk
volumes due to drought conditions. Net debt levels, however,
improved slightly from that reported at June 30, 2003, with cash
from asset sales more than offsetting the company's operating
cash loss of A$2.1 million.

The rating agency expects that Bonlac's operating cash flows
will improve over the next six to twelve months, and its debt-
maturity profile will be lengthened to enhance its liquidity
position. Bonlac's cash balances of A$60.3 million at Dec. 31,
2003, provide some buffer against upcoming debt maturities. The
restructuring, following Fonterra Co-operative Group Ltd.'s move
to 50% ownership of Bonlac in September 2003, appears to be on
track. However, Bonlac will need to maintain this momentum to
offset the likely continued pressure from the higher exchange
rate and lower milk volumes on cash flow generation.


PAN PHARMACEUTICALS: Liquidator Rejects $17M Claim
--------------------------------------------------
Taxpayers could end up footing part of the bill for last year's
collapse of Pan Pharmaceuticals, a meeting of creditors heard on
Tuesday, The Age reports.

Liquidator Tony McGrath said there appeared to be no valid basis
for accepting a claim from the Therapeutic Goods Authority (TGA)
for the $17 million it spent on the recall of 1600 vitamin and
herbal products made by Pan last April. Most of the funds went
on advertising and running a call centre.

"We will formally reject that at the appropriate time and then
it's up to the TGA to accept that outcome or to take us on if
they wish," Mr. McGrath said.

The meeting was also told that former Chief Executive Jim Selim
might pursue the TGA if creditors personally sue him. Mr. Selim
also disclosed in a television interview in August that he was
considers suing the TGA for wrongfully closing Pan
Pharmaceuticals.

"I maintain that if the TGA has made a mistake, has bungled this
affair, the TGA has to account for their action, and if it has
damaged and caused pain to the public and Pan Pharmaceuticals,
as well as the customers and the shareholders, then it has to
apologize to them and compensate them," he told the ABC.

The TGA told a Senate estimates committee in November that there
was some probability that the regulator could face legal action
as a result of its decisions regarding Pan and its contract
customers.

Mr. McGrath puts the total damages from last year's recall and
suspension of Pan's manufacturing license at $400 million. He
has estimated Mr. Selim has assets of about $50 million to meet
any judgment against him. Mr. McGrath said he would support
running some form of test appeal on his adjudications


PARMALAT AUSTRALIA: Rejects Unfounded Media Reporting
-----------------------------------------------------
Parmalat Australia on Tuesday categorically rejected recent
media reporting that the Parmalat group had entered into
negotiations for the sale of the Australian business, a Company
statement said.

Parmalat Australia Managing Director David Lord said the
Parmalat group was not in discussions with any party regarding a
possible sale.

"Speculation of this nature is completely unfounded," he said.

Parmalat's government appointed administrator Enrico Bondi also
confirmed that the group had not entered into negotiations for a
sale of Parmalat Australia.

Mr. Bondi and his team are focused on a global review of all
Parmalat Group businesses with the aim of presenting a
restructuring plan as soon as possible under the special
legislation passed in relation to the Parmalat insolvency
crisis.

Mr. Lord reiterated that it was business as usual for Parmalat
Australia.


=============================
C H I N A  &  H O N G K O N G
=============================


CITIWISE LIMITED: Cheung Chun Lodges Winding up Petition
--------------------------------------------------------
The petition to wind up Citiwise Limited is set for hearing
before the High Court of Hong Kong on March 31, 2004 at 9:30 in
the morning.

Cheung Chun Yuk, whose registered office is located at Rom 3120,
Tin Cheung House, Tin Ping Estate, Sheung Shui, New Territories,
Hong Kong, filed the petition on January 28, 2004.

The Petitioners' solicitors are Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve or send by post to Solicitors Tam Lee Po
Lin, Nina a notice in writing not later than six o'clock in the
afternoon of the 30th day of March 2004 (the day before the
petition hearing).


MIRACLE HEALTH: Winding up Hearing Slated April 7
-------------------------------------------------
The petition to wind up Miracle Health and Herb Products Limited
is set for hearing before the High Court of Hong Kong on April
7, 2004 at 10 o'clock in the morning.

The Dairy Farm Company Limited, whose registered office is
located at 5/F., Devon House, Taikoo Place, 979 King's Road,
Quarry Bay, Hong Kong, filed the petition on February 6, 2004.

The Petitioners' solicitors are Wilkinson & Grist of 6th Floor,
Prince's Building, 10 Chater Road, Central Hong Kong. Any person
who intends to appear at the hearing of the petition must serve
or send by post to Solicitors Wilkinson & Grist a notice in
writing not later than six o'clock in the afternoon of the 6th
day of April 2004 (the day before the petition hearing).


PUMPCRETE ENGINEERING: Winding Up Hearing Set March 17
------------------------------------------------------
The petition to wind up Pumpcrete Engineering Limited is set for
hearing before the High Court of Hong Kong on March 17, 2004 at
10 o'clock in the morning.

Chinne Builders and Foundation Company Limited, whose registered
office is located at Block A & B, 9/F., Hong Kong Spinners
Industrial Building, Phase VI, 481-483 Castle Peak Road,
Kowloon, Hong Kong, filed the petition on January 14, 2004.

The Petitioners' solicitors are Hastings & Co. of 5th Floor,
Gloucester Tower, The Landmark, 11 Pedder Street Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Solicitors Hastings & Co. a notice in
writing not later than six o'clock in the afternoon of the 16th
day of March 2004 (the day before the petition hearing).


WING SHING: Faces Winding up Petition Before H.K. High Court
------------------------------------------------------------
The petition to wind up Wing Shing Roasted Meat Limited is set
for hearing before the High Court of Hong Kong on March 31, 2004
at 10 o'clock in the morning.

Chan Kwok Chiu, whose registered office is located at Room 1136,
11/F., Block 19, Shek Kip Mei Estate, Shamshuipo, Kowloon, Hong
Kong, filed the petition on February 2, 2004.

The Petitioners' solicitors are Tam Lee Po Lin, Nina of 34th
Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve or send by post to Solicitors Tam Lee Po
Lin, Nina a notice in writing not later than six o'clock in the
afternoon of the 30th day of March 2004 (the day before the
petition hearing).


=========
J A P A N
=========


MOVIE AND VIDEO: Files for Court Protection
-------------------------------------------
Movie Television, Inc. (MTVI) has been declared bankrupt,
according to Teikoku Databank America.  The movie and video
distribution firm, which is located at Chuo-ku, Tokyo 104-0052,
Japan, has total liabilities of US$316.67 million.

The Company is the leading sales agent for broadcasting rights
of U.S. films in Japan.


NEC CORPORATION: U.S. Unit Files for Bankruptcy
-----------------------------------------------
PB Electronics, Inc. (PB Electronics), a Delaware corporation
and a consolidated subsidiary of NEC Corporation, filed a
voluntary petition for relief under Chapter 7 of the U.S.
Bankruptcy Code with the U.S. Bankruptcy Court, Northern
District of California, San Jose Division, on March 1, 2004
(U.S. time zone) (the Filing), UK Wire reports. The Company
filed this Current Report pursuant to Paragraph 4 of Article 24-
5 of the Securities and Exchange Law of Japan and Item 17 of
Paragraph 2 of Article 19 of the Cabinet Ordinance with respect
to Disclosure of Companies' Affairs.

2. Matters to be reported

(1) Date of the occurrence of the event to be reported
    March 1, 2004 (U.S. time zone)

(2) Contents of the event to be reported

    (i) Overview of PB Electronics

        Name: PB Electronics, Inc.
        Address: 2890 Scott Blvd., Santa Clara, CA 95050, USA
        President and CEO: Norio Tanoue

   (ii) Background of the Filing

PB Electronics, which had discontinued its personal computer
business operations in the United States in 2000, was carrying
out final procedures toward liquidation in the United States and
filed the voluntary petition therefore.

  (iii) Method of the Filing

Voluntary petition for relief under Chapter 7 of the U.S.
Bankruptcy Code

(3) Effect on the Company's financial performances

The Filing has no effects on the Company's consolidated and non-
consolidated financial performances since all the past
investment made by the Company in PB Electronics as well as all
of the Company's accounts receivables from PB Electronics had
been fully written off years ago.


SAGA KOGYO: Building Material Manufacturer Enters Bankruptcy
------------------------------------------------------------
Saga Kogyo Co. Ltd. has been declared bankrupt, according to
Teikoku Databank America.  The building metallic product
manufacturer, which is located at Takaoka-shi, Toyama 933-0073,
Japan, has total liabilities of US$26.67 million.


SOFTBANK CORPORATION: Gets US$1.14B Funds Through U.S. Unit
-----------------------------------------------------------
Softbank Corporation announced Tuesday that its U.S.
consolidated subsidiary, Softbank America Inc. (Headquarters:
Delaware, U.S., Representative: Masayoshi Son, 'SBA') financed
approximately US$1,135 million (Yen equivalent: approximately
Yen 124.1 billion, exchange rate: US$ 1 = Yen 109.3) from
CITIBANK, N.A. (the 'Bank') through JV, SOFTBANK Broadband
Investments (the 'JV') in which SBA holds 98% stake, a Company
statement said.  SBA has settled existing US$ 380 million loan
from the Bank prior to this financing.

The US dollar-based real interest rate of this financing is
approximately 4.6% (Yen equivalent based on a swap rate as of
March 1: approximately 1.6%) and the expiration date is August
2011 (7 years and 6 months) maximum.

The above-mentioned loan involves a forward contract of 26
million shares of Yahoo! Inc. owned by SBA and approximately 0.5
million shares of Yahoo! Inc. owned by other partners of the JV.  
The obligation under the forward contract will be settled by
delivering shares of Yahoo Inc.  It is permitted under the
contract however to settle the obligations in cash.

The funds raised in this financing will be used in the broadband
business and other purposes.

This financing will have negligible impact on the results of the
Company for the fiscal year ending March 2004.


=========
K O R E A
=========


KOOKMIN BANK: Appoints New Senior Executive Vice President
----------------------------------------------------------
On March 2, 2004, Kookmin Bank announced the appointment of Mr.
Jung-Young Kang as its new Senior Executive Vice President of
Trust / NHF (National Housing Fund) Management Group. This
appointment is effective as of March 2, 2004, and accordingly,
Mr. Woo-Jung Lee, former head of the Group, ceased to be a
senior Executive Vice President of the bank. Following is the
current status of Senior Executive Vice Presidents of Kookmin
Bank.

    NAME                        GROUP

Jong-Kyoo Yoon             Retail Banking Group
Jeung-Lak Lee              Corporate Banking Group
Sang-Jin Lee               Credit Card Group
Yun-Keun Jung              PB/Asset Management Group
Jung-Young Kang            Trust/NHF Management Group
Seong-Kyu Lee              Work-out & Operations Group
Young-Il Kim               IT Services Group
Donald H. MacKenzie        Risk Management Group
Ki-Sup Shin                Finance/Strategy/HR Group


KOREA EXCHANGE: S&P Raises Rating to BB+
----------------------------------------
Standard & Poor's Ratings Services on Monday raised its long-
and short-term credit ratings on Korea Exchange Bank Credit
Service Co. Ltd. (KEB Credit) to 'BB+' from 'B', and 'B' from
'C', respectively. At the same time, the ratings on KEB Credit
were removed from CreditWatch and withdrawn due to the merger
with Korea Exchange Bank (KEB; BB+/Positive/B).

The rating agency also affirmed its credit ratings on KEB, with
the outlook on the long-term rating remaining positive.

With the prior approval of KEB's board of directors and KEB
Credit's shareholders, the two entities merged on February 28,
2004, with KEB being the surviving entity. The purpose of the
merger is to relieve KEB Credit from its net losses and
liquidity problems, caused by its deteriorated asset quality and
declining revenue sources.

The outlook on KEB's long-term rating remains positive based on
its strengthened capitalization, which should help the bank to
implement a more stringent credit policy, improving its credit
culture, and, therefore, its asset quality over the next few
years. Although the additional burden from the merger is a
negative factor for the rating on the bank, the financial cost
is not expected to be large compared with KEB's size and the
impact should be manageable. Standard & Poor's had already
incorporated the likelihood that KEB would extend support to its
card subsidiary in its ratings on the bank.


LG CARD: Creditors May Extend Debt Schedule
-------------------------------------------
LG Card Co. creditors are planning to roll over the credit card
issuer's debts, which total two trillion won and will mature on
March 31, by three months to June 30, 2004, reports the Korea
Times. The state-run Korea Development Bank (KDB), which owns LG
Card in coordination with the creditor banks, has said it wanted
the other creditors to roll over the maturity until December
2005.

Major credit banks, such as Kookmin, Chohung, Shinhan and Hana,
on Tuesday suggested the short-term rollover to the KDB and the
Financial Supervisory Commission as a proposal for compromise.
The creditors provided two trillion won to the debt-laden credit
card issuer with a guarantee by the LG Group last November.

===============
M A L A Y S I A
===============


AOKAM PERDANA: FIC OKs Revised Scheme
-------------------------------------
Southern Investment Bank Berhad refers to the announcement made
on behalf of the Board of Directors of Aokam Perdana Berhad on
December 15, 2003 in relation to the revisions made to some of
the terms of the Proposed Rescue Scheme (Revised Scheme).

On behalf of the Board, Southern Investment Bank Berhad (SIBB)
announced that the Foreign Investment Committee (FIC) has, via
its letter dated February 25, 2004, which was received by SIBB
on March 2, 2004, stated that it has no objection to the Revised
Scheme.

The FIC's approval is subject to the condition that the FIC
would review the equity structure of Aokam three (3) years from
the date of FIC's approval.

This announcement is dated 2 March 2004.


GEAHIN ENGINEERING: Issues Restructuring Scheme Update
------------------------------------------------------
Geahin Engineering Berhad announced that there have been no
changes in the status of the Company's plan to regularize its
financial condition pursuant to paragraph 5.1 of PN4 of the
Malaysia Securities Exchange Berhad (MSEB)'s Listing
Requirements. The proposed restructuring scheme is currently
pending implementation.


JUTAJAYA HOLDING: KLSE to Delist Securities March 16
----------------------------------------------------
Further to the announcement made on February 27, 2004, the Board
of Directors of Jutajaya Holdings Berhad informed that the
Malaysia Securities Exchange Berhad had via its letter dated
March 1, 2004 decided not to approve the Company's proposed
restructuring scheme and consequently, the securities of the
Company will be removed from the Official List of the Exchange
at 9 A.M. on Tuesday, March 16, 2004.

With respect to the securities of the Company, which are
currently deposited with the Malaysian Central Depository Sdn
Bhd (MCD), the securities of the Company will continue to remain
deposited with the MCD notwithstanding the de-listing of the
securities of the Company from the Official List of the
Exchange.

It is not mandatory for the securities of a Company, which have
been de-listed to be withdrawn from MCD. Alternatively,
shareholders of the Company who intend to hold their securities
in the form of physical certificate can withdraw these
securities from their Central Depository System accounts with
MCD, at anytime after the securities of the Company are de-
listed from the Official List of the Exchange by submitting the
application form for withdrawal in accordance with the
procedures prescribed by MCD.

Shareholders of the Company can contact any Participating
Organization of the Exchange and/or MCD's helpline at 03-
20717711 or 03-20717723 for information on the withdrawal
procedures.


LONG HUAT: Releases Restructuring Scheme Update
-----------------------------------------------
Long Huat Group Berhad announced recently that there has been no
major development in the Company's restructuring.

The Court on February 16, 2004, granted an extension of time
from 3 February 2004 for a further 90 days or up to the date the
proposed scheme of arrangement pursuant to the proposed
restructuring scheme of the Company becomes effective, being the
date that an official copy of the order of the High Court of
Malaya sanctioning the proposed scheme of arrangement is lodged
with the Companies Commission of Malaysia, whichever occurs
earlier, as announced to the Exchange on 20 February 2004.

The proposed restructuring scheme of LHuat is currently pending
the sanction from the High Court of Malaysia. The application on
the same was submitted to the High Court on 5 February 2004 and
the sanction from the High Court will be obtained by the end of
April 2004.

This announcement is dated on 2 March 2004.


MALAYSIAN INDUSTRIAL: Appoints Ernst & Young as Liquidators
-----------------------------------------------------------
Malaysian Industrial Development Finance Berhad (MIDF) will
inform the Kuala Lumpur Stock Exchange that the following
subsidiaries of Amanah Capital Partners Berhad (ACP), a 98.01%
subsidiary of MIDF, have been placed under members' voluntary
winding-up and that Mr. Lim Tian Huat and Mr. Duar Tuan Kiat of
Messrs. Ernst & Young were appointed as Liquidators of the
companies:

(a) Amanah Capital Partners Nominees Sdn Bhd (5243-D) [ACPN];
(b) Malayan Unit Trusts Sdn Berhad (3541-V) [MUT]

(c) McDonald Industries (Malaysia) Sdn Bhd (5279-T) [MISB]; and

(d) Amanah Pilecon Sdn Bhd (175947-H) [APSB).

The above will hereafter be referred to as "the winding-up
exercise".

2. INFORMATION ON THE SUBSIDIARY COMPANIES

2.1 Information on ACPN

ACPN was incorporated in Malaysia on 4 November 1963. The
company is a wholly owned subsidiary of ACP. It has an
authorized capital of 10,000 ordinary shares of RM10.00 each of
which 102 ordinary shares of RM10.00 each are issued and fully
paid-up. As at 31 January 2004, ACP's cost of investment in ACPN
amounted to RM 1,020. The company is currently dormant.

2.2 Information on MUT

MUT was incorporated in Malaysia on 24 August 1959. The company
is a wholly owned subsidiary of ACP. It has an authorized
capital of 100,000 ordinary shares of RM10.00 each of which
20,000 ordinary shares of RM10.00 each are issued and fully
paid-up. As at 31 January 2004, ACP's cost of investment in MUT
amounted to RM 200,000. The company is currently dormant.

2.3 Information on MISB

MISB was incorporated in Malaysia on 4 December 1963. The
company is a wholly owned subsidiary of ACP. It has an
authorized capital of 5,000,000 ordinary shares of RM1.00 each
of which 250,000 ordinary shares of RM1.00 each are issued and
fully paid-up. As at 31 January 2004, ACP's cost of investment
in MISB amounted to RM 149,047. The company is currently
dormant.

2.4 Information on APSB

APSB was incorporated in Malaysia on 19 November 1988. The
company is a 60% subsidiary of ACP with the remaining 40% shares
held by Pilecon Realty Sdn Bhd. APSB has an authorized capital
of 500,000 ordinary shares of RM1.00 each, all of which are
issued and fully paid-up. As at 31 January 2004, ACP's cost of
investment in APSB amounted to RM 2,301,871. The company is
currently dormant.

3. RATIONALE FOR THE WINDING-UP EXERCISE

The four subsidiary companies are currently dormant. The
winding-up exercise will save cost and time in monitoring and
maintaining the companies on a regular basis. The winding-up
exercise is also in line with the internal rationalization
exercise of MIDF.

4. EFFECT OF THE WINDING-UP EXERCISE

The winding-up exercise will not have any material effect on the
share capital, shareholding structure, net tangible assets and
earnings of MIDF in the near future.

5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

As far as MIDF is aware, none of the Directors and major
Shareholders of MIDF or any person connected to them has any
interest, whether direct or indirect, in the said exercise.


SOUTHERN PLASTIC: Releases Default Status Update
------------------------------------------------
The following are the outstanding liabilities in respect of
default in payments to financial institutions by Southern
Plastic Holdings Bhd. and its subsidiaries (SPHB group) as of
February 29, 2004. These outstanding liabilities are in respect
of credit facilities extended by financial institutions to SPHB
group.

A) SOUTHERN PLASTIC HOLDINGS BHD.

  i) Affin Bank Berhad RM 8,967,070.00
ii) Aseambankers Malaysia Berhad RM 3,441,061.00
iii) OCBC Bank (M) Berhad RM 1,201,161.00

B) SOUTHTIM (M) SDN. BHD.

  i) Malayan Banking Berhad RM 12,037,126.00
ii) OCBC Bank (M) Berhad RM 5,626,376.00
iii) United Overseas Bank Berhad RM 2,006,859.00
iv) Affin Bank Berhad RM 3,891,793.00

C) SOUTHTECH (M) SDN. BHD.

i) United Overseas Bank Berhad RM 2,782,684.00
ii) Malayan Banking Berhad RM 8,339,336.00

D) SOUTH ISLAND ENTERPRISE SDN. BHD.

i) United Overseas Bank Berhad RM 809,697.00

E) SOUTHTECH PLASTIC (M) SDN. BHD.

  i) United Overseas Bank Berhad RM 5,282,260.00
ii) Hong Leong Bank Berhad RM 4,475,664.00
iii) Bank Pembangunan RM 1,906,758.00
iv) Alliance Bank Berhad RM 819,540.00
  v) Malayan Banking Berhad RM 7,603,011.00

F) FUJISU MARKETING (M) SDN. BHD.

i) Malayan Banking Berhad RM 812,481.00

G) SOUTHTECH PROPERTIES SDN. BHD.

i) EON Bank Berhad RM 1,834,545.00

H) SOUTHERN PLASTIC SDN. BHD.

i) Malayan Banking Berhad RM 10,223,322.00

This announcement is dated 2nd March 2004.


SOUTHERN PLASTIC: Seeking White Knights
---------------------------------------
Southern Plastic Holdings Berhad is in the final stage of
identifying potential new white knights to regularize the
financial position of Southern Plastic Holdings Bhd. An
announcement on the new revised restructuring scheme will be
made soon.

This announcement is dated 2nd March 2004.


UNITED CHEMICAL: MITI OKs Restructuring Proposal
------------------------------------------------
Further to the announcement dated February 4, 2004, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of
United Chemical Industries Berhad (UCI), announced that:

(i) The Ministry of International Trade and Industry (MITI)
had, via its letter dated 16 February 2004, informed that it has
no objection to the revisions made to the Proposed Restructuring
of UCI, subject to the Company obtaining approval of the
Securities Commission (SC) on the restructuring scheme and the
compliance with the guidelines on acquisition of interests,
mergers and takeovers;

(ii) The Company had, on 24 February 2004, appointed Messrs
AljeffriDean as an independent firm of auditors to conduct
investigation audits on UCI; and

(iii) The Company's solicitors, Messrs Rusnah Loh Ng & Co, had
on 26 February 2004, on behalf of the Company, filed an
application to the High Court of Malaya in Ipoh, to extend the
Restraining Order, which will expire on 9 March 2004. The said
application has been fixed for hearing on 4 March 2004. On the
same day, Messrs Rusnah Loh Ng & Co, on behalf of the Company,
had also filed, at the same court, the Ex parte Summons for an
order of the Court Convened Meeting pursuant to the Proposed
Restructuring of the Company. The hearing of the said Ex parte
Summons (Originating Summons No. MT3-24-258-2004) has also been
fixed for 4 March 2004.

UCI is currently awaiting the outcome of its application to the
SC (on behalf of the Foreign Investment Committee) for the
revised Proposed Restructuring. Thereafter, the Company shall
proceed to seek creditors' and shareholders' approvals for the
Proposed Restructuring.

This announcement is dated 2 March 2004.


WING TIEK: Seeks Restructuring Extension Approval
-------------------------------------------------
Further to Wing Tiek Holdings Berhad's announcement on February
4, 2004, the Company announced that there is no major
development to-date and it is still awaiting the reply from the
Securities Commission for the extension of time up to 30 April
2004 for WTHB to complete the Proposed Corporate and Debt
Restructuring Scheme.


WING TIEK: Unveils February 28 AGM Results
------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad (WTHB)
announced that at the Twenty Sixth Annual General Meeting (AGM)
of the Company held on Saturday, February 28, 2004, all
resolutions including the re-election of Dato' Nik Ismail Bin
Dato' Nik Yusoff, Dato' Haji Zaharudin Bin Zainol Rashid, Mr.
Chen Cheong Fat and Dato' Khoo Peng Lai as Directors of the
Company pursuant to Article 85 of the Company's Articles of
Association were approved.

In connection thereto, the Board of Directors of WTHB now
comprises the following:

1) Dato' Nik Ismail Bin Dato' Nik Yusoff - Executive Chairman

2) Dato' Haji Zaharudin Bin Zainol Rashid - Independent Non-
Executive Director

3) Mr. Chen Cheong Fat - Managing Director and Chief Executive
Officer

4) Dato' Khoo Peng Lai - Independent Non-Executive Director


YCS CORPORATION: Aims to Regularize Financial Condition
-------------------------------------------------------
Further to the Announcement made on February 6, 2003, YCS
Corporation Berhad announced that it is currently in the midst
of finalizing various options to regularize its financial
condition. Further development will be announced accordingly.


=====================
P H I L I P P I N E S
=====================


PHILIPPINE LONG: PSE To List Additional Common Shares
-----------------------------------------------------
The Philippine Stock Exchange (PSE) approved on June 14, 2000,
the application submitted by Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of P5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of P814.00 per
share.

In this connection, please be advised that a total of 2,659
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 2,659 common shares is set
for Wednesday, March 3, 2004.  This brings the number of common
shares listed under the ESOP to a total of 13,834 common shares.

The designated stock transfer is hereby authorized to record and
register in its book the above number of shares.

For your information and guidance.

Maria Isabel T. Garcia
Head, Listing Department


PILIPINO TELEPHONE: 2003 Net Loss Shrinks to PhP3.35B     
-----------------------------------------------------
Pilipino Telephone Corporation (Piltel) posted a net loss of
PhP3.35 billion for the full year to December 2003, in line with
the company's projections, compared with the previous year's net
loss of PhP 21.83 billion, Technistock reported on Tuesday.

Piltel booked additional asset impairment charges of 1.72
billion pesos in 2003, related to write-downs for its analog and
code division multiple access (CDMA) systems for mobile services
and the company's investment in ACes Philippines Cellular
Satellite Corporation. The asset impairment charges in 2002 came
to 16.79 billion pesos.

The company booked extraordinary charges of 16.787 billion
pesos, also partly due to write-downs. Operating costs fell by
37 percent to 3.94 billion pesos from 6.24 billion in 2002, with
an 83 percent decline in depreciation as a result of a write-
down at end-2002.

Piltel earlier submitted its recovery plan to the Philippine
Stock Exchange, under which it expects to return to
profitability this year, with net profit forecast to come in at
402.4 mln pesos.

President and chief executive officer of Piltel,Mr. Gregorio
Atienza said he is looking forward to the company's continued
recovery in 2004. Mr. Atienza also noted that Piltel has not had
to seek financial assistance from PLDT since late 2002, as
Piltel's cash flow position has improved.


=================
S I N G A P O R E
=================


DIGILAND INTERNATIONAL: Widens 1H03 Net Loss to S$4.07M
-------------------------------------------------------
Digiland International Limited incurred a net loss of S$4.07
million in the six months to December 31, 2003, versus a loss of
S$1.55 million a year earlier, according to Reuters.

             Six months to December 31, 2003
            (in millions of US$ unless stated)

Operating profit/(loss)       (4.07)   vs    1.55
Exceptional items             (0.84)   vs    nil
Pre-tax profit/(loss)        (22.17)   vs   (2.87)
Net profit/(loss)            (22.11)   vs   (2.70)
Group shr (cents)             (3.09)   vs   (0.38)
Turnover                     198.65    vs  265.96
Dividend (pct)                 nil     vs    nil

Digiland International Limited is engaged in the trading and
manufacture of computers, computer peripherals and related
accessories.

The exceptional items relate to compensation paid to staff as a
result of the restructuring exercises.


ECON INTERNATIONAL: Post Changes in Shareholder's Interest
----------------------------------------------------------
Econ International Limited issued a notice of changes in
substantial shareholder/Director Chew Tiong Kheng's interests:

1. Date of notice to issuer: 24/02/2004
  
2. Name of Director/Substantial Shareholder: Chew Tiong Kheng

PART II

1. Date of change of interest: 29/08/2003
  
2. Name of Registered Holder: CDP-BNP Paribas Nominees Singapore
Pte Ltd
  
3. Circumstance(s) giving rise to the interest or change in
interest:

4. Information relating to shares held in the name of the
Registered Holder:  

No. of shares held before the change: 2,500,000
As a percentage of issued share capital: 0.451
  
No. of shares which are the subject of this notice: 2,500,000
As a percentage of issued share capital: 0.451
  
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: NIL
  
No. of shares held after the change: 0
As a percentage of issued share capital: 0

PART III

1. Date of change of interest:  
  
2. The change in the percentage level: From % to %
  
3. Circumstance(s) giving rise to the interest or change in
interest:  

4. A statement of whether the change in the percentage level is
the result of a transaction or a series of transactions.

PART IV

1. Holdings of Director/Substantial Shareholder, including
direct and deemed interest:

                                  Direct      Deemed
No. of shares held before change: 30,897,000  7,700,000
% of issued share capital:        5.57        1.388
No. of shares held after change:  30,897,000  7,700,000
% of issued share capital:        5.57        1.388

The above is submitted for record purpose only.

There is no change in the total shareholding, including direct
and deemed interest, of the Director/Substantial Shareholder.


HYUNDAI SINGAPORE: Creditors Must Submit Claims by March 29
-----------------------------------------------------------
The creditors of Hyundai Singapore Engineering & Construction
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily, are required on or before March 29, 2004
to send in their names and addresses, with particulars of their
debts or claims and the names and addresses of their solicitors
(if any) to its Liquidator, and, if so required by notice in
writing by the said Liquidator, are by their solicitors, or
personally, to come in and prove their said debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Dated this 27th day of February 2004.

LOKE POH KEUN
Liquidator.
c/o 8 Cross Street
#17-00 PWC Building
Singapore 048424.


NORAL (ASIA): Creditors Final Meeting Set March 29
--------------------------------------------------
Noral (Asia) Pte Ltd (In Members' Voluntary Liquidation)
announced that its creditors meeting would be held at 1 Scotts
Road, #21-07/08/09 Shaw Center, Singapore 228208 on 29 March
2004 at 10 in the morning.

MADAM CHIA LAY BENG
Liquidator.

Dated this 27 February 2004.

Note:

A member entitled to attend and vote at the General Meeting is
entitled to appoint a Proxy to attend and vote on his behalf and
such Proxy need not be a member of the Company. The Form of
Proxy must be deposited at the Liquidator's Office not less than
48 hours before the time appointed for holding the Meeting or
adjourned Meeting.


STRIKE ENGINEERING: 1H03 Net Loss Narrows to S$1.34
---------------------------------------------------
Strike Engineering Limited posted a net loss of S$1.34 million
in the first half of 2003, versus a net loss of S$15.42 million
in the same period a year earlier, according to Reuters.

              Six months to December 31, 2003
             (in millions of S$ unless stated)

Operating profit/(loss)      (1.34)    vs     (15.42)
Pre-tax profit/(loss)        (0.67)    vs     (13.65)
Net profit/(loss)            (0.87)    vs     (12.03)
Group shr (cents)            (0.10)    vs      (1.37)
Turnover                     30.52     vs      18.72
Dividend (pct)                nil      vs       nil

Strike Engineering Limited is engaged in the provision of
mechanical and electrical services to the public sector.


TUAN SING: 2003 Net Loss Narrows to S$26.66M
--------------------------------------------
Tuan Sing Holdings Limited booked a net loss of S$26.66 million
in the year to December 31, 2003, versus a net loss of S$49.29
million in the same period a year earlier, according to Reuters.

                  Year to December 31, 2003
              (in millions of S$ unless stated)

                                   2003    vs    2002
Operating profit/(loss)         (26.66)   vs  (49.29)
Pre-tax profit/(loss)           (46.77)   vs  (64.73)
Net profit/(loss)               (36.90)   vs  (41.47)
Group shr (cents)                (3.20)   vs   (3.60)
Turnover                        605.09    vs  425.92
Dividend (pct)                    nil     vs    nil

Tuan Sing Holdings Limited is engaged in property investment and
development activities, hotel management, civil engineering and
building construction, manufacture and sale of building
materials, and geotechnical works.


===============
T H A I L A N D
===============


BANGCHAK PETROLEUM: Y2003 Net Loss Reaches THB1.27B
---------------------------------------------------
Bangchak Petroleum PCL has reported a net loss of THB1.27
billion for 2003, compared with a net profit of THB533.59
million in 2002, the Nation reported on Wednesday.

The Company, which is controlled by the Thai government, has
debt of about 19.5 billion baht, TCR-Asia Pacific reported
recently.      


BANGKOK BANK: Aims to Redeem Hybrid Securities
----------------------------------------------
Bangkok Bank PCL, Thailand's biggest commercial bank, said it
anticipates redeeming 28.5 billion baht of its hybrid debt
instruments on April 2, the remaining 17.5 billion baht of
hybrid securities will be retained under revised conditions with
a lower interest rate, the bank said in a statement.

The hybrid securities were offered after the 1997 financial
crisis to help banks boost their provisions against loan losses.
Holders of Bangkok Bank's 46 billion baht of hybrid securities
have been receiving an 11 percent return annually, fnWeb
reported on Tuesday.


THAI PETROCHEMICAL: Widens 2003 Net Profit to THB2.55B  
------------------------------------------------------
Thai Petrochemical Industry PCL, (TPI) said it swung to profit
last year from a loss in 2002 because of foreign exchange gains
and higher sales revenue, according to the Business Day on
Wednesday.

Last year, Thai Petrochemical and its subsidiaries recorded a
combined net profit of 2.55 billion baht, compared to a loss of
4.22 billion baht a year earlier, they also generated an 18
percent increase to 90.3 billion baht last year against 76.4
billion baht in 2002. However, the company's production cost
also increased to 16 percent from 2002.  

Gains from foreign exchange in 2003 rose 367 percent to 5.25
billion baht, compared to 1.12 billion baht recorded in 2002,
the gains resulted due to the appreciation of the baht against
the US dollar, the company said in a statement submitted to the
Stock Exchange of Thailand.

Thai Petrochemical's interest debt last year slid 11.77 percent
from that in 2002 to 6.5 billion baht, it said. The company's
marketing and administrative expenses last year rose 14.28
percent from those in 2002 to 11.1 billion baht.

The Stock Exchange of Thailand suspended on Tuesday the trading
of Thai Petrochemical shares, the company said its auditors did
not certify the firms 2003 financial statement because it failed
to meet an interest payment obligation to its creditors last
year.

The company will soon ask the creditor's steering committee to
allow the firm to pay interest to its creditors on a quarterly
basis instead of monthly, this would allow them more flexibility
when it comes to managing financial liquidity, it said.

Thai Petrochemical also failed to pay creditors the interest due
for January of this year. The company's auditors are of the view
that the firm failed to meet the obligation of selling its core
assets, it said. The auditors said they would not certify the
company's 2003 financial statement as long as it has not
disposed of those assets. However, they expect the company to be
able to correct its business rehabilitation plan soon.

SCB Securities and Morgan Stanley Dean Witter Asia (Singapore),
the company's financial advisors have come up with a guideline
for amending the company's business rehabilitation plan and have
presented it to the company's debt manager, The Ministry of
Finance.

The Ministry of Finance has been in talks with creditor's
steering committee periodically in the hope of finding the most
suitable guideline for amending the business' rehabilitation
plan.

Thai Petrochemical is the biggest corporate debtor in the
country.


TONGKAH HARBOUR: Releases Progress Report    
------------------------------------------
Tongkah Harbour PCL (THL) and D.S. Prudential Company Limited,
Tongkah Harbour's Financial Advisor, provide an up-to-date
progress on its various projects and those of its affiliated
companies.  Essentially, the company continues to focus on its
core business, which is mineral exploration and mining and
property development.

Activities currently in progress include:

(1) Expediting the implementation of the mining program of
Tungkum Limited (TKL)

(2) Directing its mining subsidiary, Cholsin Limited (as its
quarry crushing plant operator),

(3) Conducting its andesite mining project in Saraburi Province,

(4) Managing tin mining on its offshore leases at Phuket as
carried out by subcontractors and

(5) Reviewing options and overseeing property development for
the Company's land banks in Phuket and Bangkok.

(1) EXPLORATION AND MINING

(1.1) GOLD MINING

Tongkah Harbour has a 98.35 percent effective working interest
in Tungkum Limited, which has 100 percent control of the mineral
concessions for exploration and mining of gold and related
minerals in Loei Province, Northeast Thailand.

MINE DEVELOPMENT

As previously informed in prior Progress Reports, the Company
submitted the Information Memorandum (IM) prepared by Como
Engineering Property Limited (Como) of Perth, Australia and Mr.
Edward Brennan to domestic and oversea finance institutions.

In February, one of the domestic state enterprise banks has
approved loan for the project for the approximate amount of USD
13 million for the Company's plant construction and machine and
equipment with the condition to jointly lend with another
financial institution.  

Currently, the matter is in the process of negotiating the terms
and conditions expected to be finalized soon.

Como is an expert in developing gold processing and
infrastructure facilities at mine sites.  Currently, Como has
completed the design of the processing plant for the Company.

Tungkum Limited has appointed Como to look after the Company for
both Equipment Procurement and Construction Management (EPCM)
for the overall project.

The infrastructure construction i.e. road, bridge has now been
completed. Currently, the construction is in the process of
basement preparation for plant and tailings pond.

(1.2) ANDESITE MINING DEVELOPMENTS

Cholsin Limited (CSL) is under contract to handle the rock
crushing operations for Tongkah Harbour.  As such, Cholsin
operates the rock crushing plant and provides both equipment and
experienced manpower.

Tongkah Harbour, is operating under a ten-year license and
another ten-year license application has been approved by the
Ministry of Industry. All other permits are kept current as
required by government authorities.

Andesite sales for the year 2003 decreased Baht 13.96 million
compared to the previous year.  The decline was mainly due to
decrease sale of Ballast product which higher selling price as
compared to other products.  The State Railway of Thailand (SRT)
placed the project on hold last year due to the government by
the Minister of transportation has restructured the purchasing
procedure of the State Railway of Thailand.

However, the Company is taking steps to develop, improve and
diversify our product so that the Company is not so dependent on
railway ballast sales to ensure operational success.  This also
includes track laying and the production of railway sleepers.

(1.2.1) MARKET DEVELOPMENT
        
Tongkah Harbour concentrates mainly on production and deliveries
of the andesite at Kaeng Khoi from January through December 2003
were recorded as THB14,584,627.

Prospect in ballast, Tongkah Harbour continues to monitor the
State Railway of Thailand (SRT) and its activities, including
the new double track project in the Northeast.  In principle,
Tongkah Harbour has managed to secure a contract for railway
sleepers for the new railway line to be constructed in the near
future between Vientienne, Laos and Udon Thani. Tongkah Harbour
is currently awaiting confirmation of the contract.

The company has succeeded in marketing the aggregate products
subsequent to our product receiving the Highway Department's
approval for use as modified asphaltic concrete for road
surfacing in December 2003.  As aggregate is the only product,
meeting the Highway Department's specifications in the Kaeng
Khoi region, we have now secured four new customers (suppliers
to the Highway Department).

(1.3) OFFSHORE TIN MINING LEASES (OWNED 100% BY THL)

Tongkah Harbour utilizes a contractor under its direct technical
and engineering supervision to operate its offshore tin mining
under leases numbered 18066/13050, 18064/13448 and 18065/13499
at Phuket.

The Company's income varies according to the market tin price
and the production output.  The price of tin has recently
improved approximately 25 percent.  However, the number of
dredges decreased.  Tin production for the year 2003 was 1,728
habs or 103,680 kgs.  The tin ore sale for the year 2003 was
Baht 20.8 million.

(2) PROPERTY DEVELOPMENT

(2.1) PHUKET PROPERTY HOLDINGS

As the Company has proposed the Phuket Bay Rehabilitation and
Development Plan to the government for consideration and the
project has received the support of the Phuket community for the
development of an international convention and exhibition
center, for which the Government has reportedly budgeted 4.9
billion Baht.  The Company continues to allocate significant
attention towards the Phuket Bay Development Project.

The project, which consists of the creation of an island base in
Phuket Bay, centers on an integrated development program
involving the international convention and exhibition center, a
cruise ship terminal, container port, theme park, national
aquarium, hotel complexes, marina, sports arena, and supporting
facilities.

(2.2) SKY CLIFF BUILDING (RACHADAPISEK ROAD)

Sky Cliff Limited (SCL) is commencing development of a 29-storey
contemporary condominium tower on the Company's land located at
Rachadapisek Road. The Project has been termed, "Le Metro".

Sky Cliff completed the construction of the sales office, mock-
up rooms and piling works during this period.  In February, Siam
Commercial Bank PLC, and Thanachart Bank PLC, has jointly
approved the loan of Baht 700 million for the construction.  The
Banks are now preparing the loan agreements.  With regards to
the contractor, Sky Cliff expected to award the construction
contract by March 2004.

(3) OTHER ACTIVITIES

(3.1) LITIGATION

Pursuant to Phuket Industry Department charged against Tongkah
Harbour subjected to the company's non-compliance with the
mining scheme, the company refutes all said charges and will
continue to work towards clearing them.  The cases are scheduled
to appear in court in year 2004 for the representation of
witnesses.  Tongka Harbour's in-house legal council does not
anticipate any problem in clearing Tongkah Harbour.

(3.2) CAPITAL INCREASE EXERCISE

This quarter the Company has completed capital increase exercise
for 5,211,253 shares at THB8 per share by 25 December 2003.  
Upon completion, the Company registered the increase of its
paid-up capital to THB483,648,570.   

(3.3) AUDIT COMMITTEE ACTIVITIES

The Audit Committee held its quarterly meeting to review the
audited financial statement for the Fourth quarter of 2003, and
other company activities.  The committee noted that the
accounting policies and principles being used by Tongkah Harbour
meet with standard accounting practices and adhere to good
corporate governance.

The above constitutes most of Tongkah Harbour's activities for
the Fourth Quarter of 2003 and subsequent significant events.

Tongkah Harbour Public Company Limited
Managing Director  
Mr. Ronald Ng Wai Choi





                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

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Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

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